Anyone who has ever bought and owned a home knows that there are quite a few expenses to deal with. If a prospective buyer goes into a real estate transaction only thinking about the purchase price of the property, they are not thinking about all of the costs associated with homeownership. One cost many people don't check out before buying a home is home insurance.
South Florida property still being hit hard by foreclosures
Many of our readers may have seen a previous post here that detailed how delinquent payments on mortgages are still a major concern in the South Florida real estate market. This is despite the fact that the local real estate market has experienced a rebound in the last few years that is nearly unmatched in the nation. The news on delinquent payments and foreclosures, however, may be worse than what was previously thought.
Is arbitration an option in a real estate dispute?
Selling real estate of any kind is almost always a complex financial transaction. South Florida homeowners can attest to the many signatures required in order to complete the transfer and move into a new home. And owners of commercial property could probably outline even more potential issues that could pop up in a real estate sale. So, what are the options when a real estate dispute comes up that threatens to derail the entire transaction?
Delinquent payments on mortgages still a concern in South Florida
There are many different ways to measure the health of a recovering real estate market. Mortgage giant Freddie Mac uses something called a "Multi-Indicator Market Index," also known as a MIMI. This index looks at four different factors to assess the health of the real estate market in any given area: applications for home purchases, employment in the area, the affordability of real estate and the level of mortgage delinquencies.
